Intrinsic value of SJW Group - SJW

Previous Close

$54.20

  Intrinsic Value

$61.32

stock screener

  Rating & Target

hold

+13%

  Value-price divergence*

-59%

Previous close

$54.20

 
Intrinsic value

$61.32

 
Up/down potential

+13%

 
Rating

hold

 
Value-price divergence*

-59%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SJW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.48
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  333
  385
  432
  482
  534
  589
  647
  707
  770
  835
  903
  974
  1,047
  1,124
  1,203
  1,286
  1,371
  1,460
  1,553
  1,650
  1,750
  1,855
  1,964
  2,078
  2,197
  2,321
  2,450
  2,586
  2,727
  2,875
  3,030
Variable operating expenses, $m
 
  242
  272
  303
  336
  371
  407
  445
  484
  525
  568
  613
  659
  707
  757
  809
  863
  919
  977
  1,038
  1,101
  1,167
  1,235
  1,307
  1,382
  1,460
  1,541
  1,626
  1,715
  1,808
  1,906
Fixed operating expenses, $m
 
  35
  36
  37
  38
  38
  39
  40
  41
  42
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  59
  60
  61
  63
  65
  66
  68
  70
  71
Total operating expenses, $m
  247
  277
  308
  340
  374
  409
  446
  485
  525
  567
  612
  658
  705
  754
  805
  858
  913
  971
  1,030
  1,092
  1,157
  1,224
  1,294
  1,367
  1,443
  1,523
  1,606
  1,692
  1,783
  1,878
  1,977
Operating income, $m
  93
  108
  124
  142
  161
  180
  201
  222
  244
  267
  292
  317
  343
  370
  398
  428
  458
  490
  523
  558
  594
  631
  670
  711
  754
  798
  845
  893
  944
  997
  1,053
EBITDA, $m
  139
  123
  141
  161
  182
  203
  226
  250
  274
  300
  327
  355
  384
  414
  446
  478
  512
  547
  584
  623
  662
  704
  747
  793
  840
  889
  941
  995
  1,051
  1,110
  1,172
Interest expense (income), $m
  24
  25
  32
  40
  48
  57
  66
  76
  86
  96
  107
  119
  130
  143
  155
  169
  182
  197
  212
  227
  243
  260
  277
  296
  315
  334
  355
  377
  399
  423
  448
Earnings before tax, $m
  86
  83
  92
  102
  112
  123
  134
  146
  158
  171
  184
  198
  212
  227
  243
  259
  276
  293
  312
  331
  351
  371
  393
  415
  439
  464
  489
  516
  545
  574
  605
Tax expense, $m
  33
  22
  25
  28
  30
  33
  36
  39
  43
  46
  50
  53
  57
  61
  66
  70
  74
  79
  84
  89
  95
  100
  106
  112
  119
  125
  132
  139
  147
  155
  163
Net income, $m
  53
  61
  67
  75
  82
  90
  98
  107
  116
  125
  135
  145
  155
  166
  177
  189
  201
  214
  228
  241
  256
  271
  287
  303
  320
  338
  357
  377
  398
  419
  442

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,443
  1,623
  1,822
  2,033
  2,254
  2,487
  2,730
  2,984
  3,249
  3,525
  3,811
  4,110
  4,420
  4,742
  5,076
  5,424
  5,786
  6,162
  6,553
  6,961
  7,385
  7,827
  8,288
  8,768
  9,269
  9,793
  10,339
  10,910
  11,507
  12,132
  12,784
Adjusted assets (=assets-cash), $m
  1,437
  1,623
  1,822
  2,033
  2,254
  2,487
  2,730
  2,984
  3,249
  3,525
  3,811
  4,110
  4,420
  4,742
  5,076
  5,424
  5,786
  6,162
  6,553
  6,961
  7,385
  7,827
  8,288
  8,768
  9,269
  9,793
  10,339
  10,910
  11,507
  12,132
  12,784
Revenue / Adjusted assets
  0.232
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
Average production assets, $m
  134
  151
  170
  189
  210
  232
  254
  278
  303
  328
  355
  383
  412
  442
  473
  505
  539
  574
  610
  648
  688
  729
  772
  817
  863
  912
  963
  1,016
  1,072
  1,130
  1,191
Working capital, $m
  36
  50
  56
  62
  69
  76
  83
  91
  99
  108
  117
  126
  135
  145
  155
  166
  177
  188
  200
  213
  226
  239
  253
  268
  283
  299
  316
  334
  352
  371
  391
Total debt, $m
  448
  573
  713
  862
  1,018
  1,183
  1,354
  1,534
  1,721
  1,915
  2,118
  2,328
  2,547
  2,775
  3,011
  3,257
  3,512
  3,777
  4,054
  4,341
  4,641
  4,953
  5,278
  5,617
  5,971
  6,341
  6,727
  7,130
  7,551
  7,992
  8,453
Total liabilities, $m
  1,022
  1,146
  1,286
  1,435
  1,591
  1,756
  1,927
  2,107
  2,294
  2,488
  2,691
  2,901
  3,120
  3,348
  3,584
  3,830
  4,085
  4,350
  4,627
  4,914
  5,214
  5,526
  5,851
  6,190
  6,544
  6,914
  7,300
  7,703
  8,124
  8,565
  9,026
Total equity, $m
  422
  477
  536
  598
  663
  731
  803
  877
  955
  1,036
  1,121
  1,208
  1,299
  1,394
  1,492
  1,595
  1,701
  1,812
  1,927
  2,046
  2,171
  2,301
  2,437
  2,578
  2,725
  2,879
  3,040
  3,208
  3,383
  3,567
  3,759
Total liabilities and equity, $m
  1,444
  1,623
  1,822
  2,033
  2,254
  2,487
  2,730
  2,984
  3,249
  3,524
  3,812
  4,109
  4,419
  4,742
  5,076
  5,425
  5,786
  6,162
  6,554
  6,960
  7,385
  7,827
  8,288
  8,768
  9,269
  9,793
  10,340
  10,911
  11,507
  12,132
  12,785
Debt-to-equity ratio
  1.062
  1.200
  1.330
  1.440
  1.540
  1.620
  1.690
  1.750
  1.800
  1.850
  1.890
  1.930
  1.960
  1.990
  2.020
  2.040
  2.060
  2.090
  2.100
  2.120
  2.140
  2.150
  2.170
  2.180
  2.190
  2.200
  2.210
  2.220
  2.230
  2.240
  2.250
Adjusted equity ratio
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  61
  67
  75
  82
  90
  98
  107
  116
  125
  135
  145
  155
  166
  177
  189
  201
  214
  228
  241
  256
  271
  287
  303
  320
  338
  357
  377
  398
  419
  442
Depreciation, amort., depletion, $m
  46
  15
  17
  19
  21
  23
  25
  28
  30
  33
  35
  38
  41
  44
  47
  51
  54
  57
  61
  65
  69
  73
  77
  82
  86
  91
  96
  102
  107
  113
  119
Funds from operations, $m
  136
  76
  84
  94
  103
  113
  124
  134
  146
  158
  170
  183
  196
  210
  225
  240
  255
  272
  289
  306
  325
  344
  364
  385
  407
  430
  454
  479
  505
  532
  561
Change in working capital, $m
  22
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
Cash from operations, $m
  114
  70
  78
  87
  96
  106
  116
  127
  138
  149
  161
  174
  187
  200
  214
  229
  244
  260
  277
  294
  312
  330
  350
  370
  391
  414
  437
  461
  487
  513
  541
Maintenance CAPEX, $m
  0
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -102
  -107
  -113
New CAPEX, $m
  -142
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
Cash from investing activities, $m
  -122
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -85
  -89
  -93
  -99
  -105
  -110
  -116
  -122
  -129
  -135
  -142
  -149
  -158
  -165
  -174
Free cash flow, $m
  -8
  39
  45
  50
  57
  63
  70
  78
  85
  93
  102
  111
  120
  129
  139
  149
  160
  171
  183
  195
  207
  220
  234
  248
  263
  279
  295
  312
  329
  348
  367
Issuance/(repayment) of debt, $m
  14
  131
  141
  149
  156
  164
  172
  179
  187
  195
  203
  211
  219
  227
  236
  246
  255
  266
  276
  288
  299
  312
  325
  339
  354
  369
  386
  403
  421
  441
  461
Issuance/(repurchase) of shares, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  45
  131
  141
  149
  156
  164
  172
  179
  187
  195
  203
  211
  219
  227
  236
  246
  255
  266
  276
  288
  299
  312
  325
  339
  354
  369
  386
  403
  421
  441
  461
Total cash flow (excl. dividends), $m
  37
  170
  185
  199
  213
  227
  242
  257
  272
  288
  304
  321
  338
  357
  375
  395
  415
  437
  459
  482
  507
  532
  559
  587
  617
  648
  681
  715
  751
  788
  828
Retained Cash Flow (-), $m
  -38
  -55
  -59
  -62
  -65
  -68
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -154
  -161
  -168
  -175
  -184
  -192
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  115
  127
  137
  148
  159
  170
  182
  194
  207
  220
  233
  247
  262
  277
  293
  309
  326
  344
  363
  382
  403
  424
  446
  470
  494
  520
  547
  575
  605
  636
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  106
  108
  107
  104
  100
  95
  89
  83
  76
  68
  61
  53
  46
  39
  32
  26
  21
  17
  13
  10
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

SJW Group, through its subsidiaries, provides water utility services in the United States. It engages in the production, purchase, storage, purification, distribution, wholesale, and retail sale of water. The company also provides non-tariffed services, including water system operations, maintenance agreements, and antenna leases. Its water supply consists of groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from the Santa Clara Valley Water District. The company offers water service to approximately 229,000 connections that serve customers in portions of the cities of San Jose and Cupertino, as well as in the cities of Campbell, Monte Sereno, Saratoga, and the Town of Los Gatos; and adjacent unincorporated territories in Santa Clara County, California. In addition, it provides water service to approximately 12,500 connections, which serve approximately 37,000 people in a service area comprising approximately 243 square miles in the region between San Antonio and Austin, Texas. Further, the company, through its subsidiary, SJW Land Company, owns undeveloped land in California and Tennessee; owns and operates commercial buildings in California, Arizona, and Tennessee; and holds a 70% limited partnership interest in 444 West Santa Clara Street, L.P., a real estate limited partnership that operates commercial building rentals. The company was formerly known as SJW Corp. and changed its name to SJW Group in November 2016. SJW Group was founded in 1866 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  SJW Group (SJW)

Valuation Ratios
P/E Ratio 20.9
Price to Sales 3.3
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow -39.6
Growth Rates
Sales Growth Rate 11.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.7%
Cap. Spend. - 3 Yr. Gr. Rate 8.6%
Financial Strength
Quick Ratio 0
Current Ratio 1
LT Debt to Equity 102.8%
Total Debt to Equity 106.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 45.9%
EBITDA Margin - 3 Yr. Avg. 43.4%
Operating Margin 27.4%
Oper. Margin - 3 Yr. Avg. 27.5%
Pre-Tax Margin 25.3%
Pre-Tax Margin - 3 Yr. Avg. 23.1%
Net Profit Margin 15.6%
Net Profit Margin - 3 Yr. Avg. 14.8%
Effective Tax Rate 38.4%
Eff/ Tax Rate - 3 Yr. Avg. 36.2%
Payout Ratio 32.1%

SJW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SJW stock intrinsic value calculation we used $340 million for the last fiscal year's total revenue generated by SJW Group. The default revenue input number comes from 2016 income statement of SJW Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SJW stock valuation model: a) initial revenue growth rate of 13.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8%, whose default value for SJW is calculated based on our internal credit rating of SJW Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of SJW Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SJW stock the variable cost ratio is equal to 62.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $34 million in the base year in the intrinsic value calculation for SJW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.6% for SJW Group.

Corporate tax rate of 27% is the nominal tax rate for SJW Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SJW stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SJW are equal to 39.3%.

Life of production assets of 10 years is the average useful life of capital assets used in SJW Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SJW is equal to 12.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $422 million for SJW Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 20.791 million for SJW Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of SJW Group at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
CWT California Wat 36.90 15.28  str.sell
AWR American State 49.13 24.82  sell
GWRS Global Water R 9.47 8.84  hold
WTR Aqua America 33.76 12.77  str.sell
AWK American Water 82.08 30.91  str.sell
CTWS Connecticut Wa 55.60 18.68  str.sell
ARTNA Artesian Resou 36.32 24.79  sell

COMPANY NEWS

▶ SJW Group: Leads amongst peers with strong fundamentals   [Jul-31-17 03:23PM  Capital Cube]
▶ SJW posts 2Q profit   [Jul-27-17 03:10PM  Associated Press]
▶ SJW Group Announces 2017 Second Quarter Financial Results   [Jul-26-17 06:00PM  Business Wire]
▶ ETFs with exposure to SJW Group : July 25, 2017   [Jul-25-17 01:13PM  Capital Cube]
▶ ETFs with exposure to SJW Group : July 14, 2017   [Jul-14-17 04:50PM  Capital Cube]
▶ SJW Group Value Analysis (NYSE:SJW) : June 29, 2017   [Jun-29-17 03:53PM  Capital Cube]
▶ ETFs with exposure to SJW Group : May 4, 2017   [May-04-17 04:19PM  Capital Cube]
▶ SJW posts 1Q profit   [Apr-26-17 07:20PM  Associated Press]
▶ The 3 Worst-Performing Dividend Achievers This Year   [Mar-15-17 11:22AM  GuruFocus.com]
▶ SJW posts 4Q profit   [05:02AM  Associated Press]
▶ Is It Time To Consider SJW Group (SJW)?   [Dec-10-16 09:40PM  at Insider Monkey]
▶ Five Water Stocks That Hedge Funds Like   [Sep-12-16 12:44PM  at Insider Monkey]
▶ [$$] Making the Long-Term Bet on Water   [Sep-03-16 12:01AM  at Barrons.com]
▶ Five Water Stocks Hedge Funds Are Betting On   [Aug-12-16 11:18AM  at Insider Monkey]
Stock chart of SJW Financial statements of SJW
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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